Launched

Conoco Northern Inc., a subsidiary of Houston-based Conoco Inc., officially launched its friendly takeover bid for Gulf Canada Resources Ltd. on Friday, tendering a cash offer that would pay the Calgary-based company C$12.40 per share in a deal worth $4.3 billion (C$6.7 billion). The two companies agreed to the sale in May (see Daily GPI, May 30), and Conoco’s offer will expire on July 13.

Conoco Northern Inc., a subsidiary of Houston-based Conoco Inc., officially launched its friendly takeover bid for Gulf Canada Resources Ltd. on Friday, tendering a cash offer that would pay the Calgary-based company C$12.40 per share in a deal worth $4.3 billion (C$6.7 billion). The two companies agreed to the sale in May (see NGI, June 4), and Conoco’s offer will expire on July 13.

Altra E-Business Solutions, a subsidiary of Altra Energy Technologies, Inc., and Epicentric have designed and launched a new energy portal for ONEOK, Inc. The ‘My OEMT’ (for ONEOK Energy Marketing and Trading) portal will act as an e-business network, simultaneously delivering customized commerce services, business applications and targeted content to different user groups within the energy industry.

Responding to requests from several dozen congressmen and senators, the General Accounting Office (GAO) has launched an investigation to determine the reasons for the rise in natural gas prices over the past two years and the record high prices last winter. Although the GAO has been asked to look into supply availability, changes in demand, futures trading and the possibility of collusion or price fixing, the scope of the investigation still has not been determined, said Robert Robinson, managing director of natural resources and environment at the GAO.

Union Gas launched an open season for up to 6.5 Bcf of long-term working storage capacity and said it was willing to consider expanding if market demand is sufficient. The storage space available in the open season is for periods of three years or greater with injections beginning in April 2002. Bids are due July 31 and the capacity will be awarded by Aug. 31.

Responding to requests from several dozen congressmen and senators, the General Accounting Office (GAO) has launched an investigation to determine the reasons for the rise in natural gas prices over the past two years and the record high prices last winter. Although the GAO has been asked to look into supply availability, changes in demand, futures trading and the possibility of collusion or price fixing, the scope of the investigation still has not been determined, said Robert Robinson, managing director of natural resources and environment at the GAO.

Union Gas launched an open season for up to 6.5 Bcf of long-term working storage capacity and said it was willing to consider expanding if market demand is sufficient. The storage space available in the open season is for periods of three years or greater with injections beginning in April 2002. Bids are due July 31 and the capacity will be awarded by Aug. 31.

El Paso Corp. subsidiary, ANR Pipeline Co., launched a non-binding open season to determine customer interest in its Westleg expansion project, which would provide additional looping and compression along its existing gas pipeline system in South-Central Wisconsin. The announcement comes a month-and-a-half after the Federal Energy Regulatory Commission gave the go-ahead to the rival 149-mile Guardian pipeline project (see NGI, March 19).

Questar Pipeline launched a major pipeline expansion initiative last week in conjunction with plans announced recently to move forward with the eastern portion of its Southern Trails Pipeline to California (see Daily GPI, April 10) and in response to strong demand for capacity on several other downstream pipelines, particularly Kern River. Questar also said it is moving forward with plans to build the Rocky Mountain region’s first high deliverability salt cavern storage operation, and will attempt to turn its existing pipeline system into a market hub.